Like the World Bank, United Nations budget assessment payments are obligations of Member States, and accordingly United Nations obligations (i.e., the bond issue) would probably be eligible to be defined as quasi sovereign.

Welcoming the call in the communiqué issued by the joint International Monetary Fund World Bank Development Committee on 22 September 2003 in Dubai, United Arab Emirates, urging all official and commercial creditors to participate in the Heavily Indebted Poor Countries Initiative,

International Federation of Human Rights (FIDH)

In the insolvency of a non grantor debtor, the creditor is an unsecured creditor with an unsecured claim against the non grantor debtor.

In the circumstances, it was reasonable to require special notification for foreign creditors, so as to ensure that all creditors, both local and foreign, had equal opportunity for filing their claims in the insolvency proceedings.

9. Reiterates the request of the Commission on Human Rights to the United Nations High Commissioner for Human Rights to pay particular attention to the problem of the debt burden of developing countries, in particular the least developed countries, and especially the social impact of the measures arising from the foreign debt

Sovereign debt restructurings with private creditors

Orthodoxy has always upheld the sacred rights of the creditor political necessity has frequently demanded relief for the debtor. Which side wins in any situation depends on the extent of debtor distress and the strength of the opposing creditor debtor coalitions.

In the interests of fairness, some jurisdictions allow for partial consolidation by exempting the claims of specific creditors and satisfying those claims from particular assets (excluded from the consolidation order) of one of the insolvent companies.

To the extent that the value of the encumbered asset is insufficient to satisfy the secured creditor's claim, the secured creditor may participate as an ordinary unsecured creditor.

In response, it was pointed out that an approach based on the law of the country of the debtor apos s place of business would not be appropriate, since draft article 24 dealt with competing rights of creditors of the assignor and not with the rights and obligations of the debtor.

15. Requests the United Nations High Commissioner for Human Rights to continue to pay particular attention to the problem of the debt burden of developing countries

recognition 67 71 16 Article 19.

(b) Provide a temporal event for ordering priority among secured creditors and between a secured creditor and other classes of competing claimants.

24 Collective Action Clauses included in bond or loan contracts would prevent a minority of creditors from blocking negotiations with the debtor.

Table 3 Recent sovereign debt restructurings with private creditors main features

OHCHR and the United Nations Human Settlements Programme (UN Habitat) continue to cooperate under the joint United Nations Housing Rights Programme (UNHRP).

International Work Group for Indigenous Affairs

(c) Ensure equitable burden sharing with private creditors

First, it aims to ensure that obligations are fairly and regularly met when a debtor becomes financially insolvent. Thus, it seeks to protect the lawful rights of both creditors and debtors.

The United Nations human rights treaty system is one of the strengths of the United Nations human rights system.

(ii) A creditor of the assignor or

However, where the security right at issue is granted not by the debtor but by a third party (e.g. on the basis of some contractual arrangement with the debtor), the term debtor refers to the third party grantor, since only in that third party grantor's insolvency is the secured creditor a secured creditor with a proprietary right in the encumbered assets.

30. The Commission on Human Rights, in its resolution 1998 24, also called attention to the debt crisis, and emphasized that in order to find a durable solution to the debt problem, there is a need for a political dialogue between creditor and debtor countries within the United Nations system, based on the principle of shared interests and responsibilities.

A note of caution was struck, however, in that regard, to the effect that such laws needed to strike an appropriate balance in the treatment of privileged, secured and unsecured creditors so as to become acceptable to States.

The law should provide that a secured creditor with a security right that is not effective against third parties has towards third parties no right other than as an unsecured creditor priority over unsecured creditors unless the unsecured creditor has taken steps to reduce its claim to a judgement or the grantor has become insolvent .

(d) The right of a counterparty to terminate any contract with the debtor is suspended and

The Board also noted that those adjustments were done without matching the individual debtor creditor records.

(e) Protection of the insolvency estate against the actions of creditors, the debtor itself and the insolvency representative, and where the protective measures apply to secured creditors, the manner in which the economic value of the security interest will be protected during the insolvency proceedings

Failure of the assignor to perform the original contract does not entitle the debtor to recover from the assignee a sum paid by the debtor to the assignor or the assignee.

(172) The insolvency law should specify whether secured creditors are required to submit claims.

It should be noted that insolvency laws providing for consolidation do not affect the rights of secured creditors, other than possibly the holders of intra group securities (where the secured creditor is a group company).

Cooperation with the United Nations human rights mechanisms

(f) Grantor means a person that creates a security right in one or more of its assets in favour of a secured creditor to secure either its own obligation or that of another person (see debtor).

Right to notify the debtor

Treatment of foreign creditors

E. Credit rating of United Nations bond

Due to the United Nations bond account

Proceeds from the sale of United Nations bonds

Due to the United Nations Special Account

Question of resources for the Office of the United Nations High Commissioner for Human Rights and the human rights activities of the United Nations

When a sovereign decides that its foreign debt is unsustainable, the government and its creditors have had to negotiate among themselves about what to do. For sovereign bonds held by other sovereigns, the Paris Club of creditor countries has developed procedures for handling the debt.

The restructuring of debt owed to private creditors was also an important aspect of external debt crisis resolution. The introduction of collective action clauses and the development of a voluntary code of conduct by private creditors and sovereign debtors were the major ongoing initiatives in that area.

The law should provide that a security right in a negotiable instrument that has been made effective against third parties by a method other than possession of the instrument by the secured creditor is subordinate to the rights of a buyer, another secured creditor or other transferee in a consensual transaction who either

Rights and obligations of the grantor and the secured creditor